Page 65 - IMDR MSME BOOK 2021

Managing Finance in Micro, Small & Medium Enterprises
Figure No. 16 -ROI for investment in technology

Accounting and Finance Team
As per AICPA “Accounting is the art of recording,
classifying, summarizing in a signicant manner & in
terms of money, transactions and events which are, in
part at least, of a nancial character & interpreting the
results thereof”
The need of recording the transactions of nancial
nature, summarizing them and drawing meaningful
information out of it, is a critical success factor for any
business. Without the assessment of “What was'' and
“What is”, the estimations about “What will be” is not
possible.

The history of accounting in India dates to the Mauryan
empire. Chanakya’s Arthashastra contained concepts
like modern day technology.
Accounting as a profession was recognized in 1880, in
England, with the establishment Institute of Chartered
Accountants of England and Wales. In India, Institute of